Business & Money | Tuesday 17 June, 2025 8:00 am

Saudi Electricity seeks SAR 3.75B loan: Report

Saudi Electricity Co. is seeking a SAR 3.75 billion ($1 billion) loan to finance new projects, including the expansion of a power plant, Bloomberg reported citing sources. The credit facility, which will carry a five-year tenor, will see the participation of Sumitomo Mitsui Banking Corp....

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Business & Money | Tuesday 17 June, 2025 8:00 am

CHUBB Arabia gets IA’s nod on capital hike via bonus issue

CHUBB Arabia Cooperative Insurance Co. (CHUBB) received approval from the Insurance Authority (IA) today, June 15, to increase its capital from SAR 300 million to SAR 400 million through a bonus share distribution, according to a statement to Tadawul. On May 21, the board recommended a 33.33%...

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Business & Money | Tuesday 17 June, 2025 8:00 am

ASAS Makeen, NHC sign SAR 240M development agreement

ASAS Makeen Real Estate Development Co. signed an agreement with the National Housing Co. (NHC) to develop parts of the Al-Mashriqia project in eastern Riyadh.According to the company’s statement on Tadawul, the 42-month contract is valued at SAR 240 million. The agreement seeks to develop...

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Business & Money | Tuesday 17 June, 2025 8:00 am

Riyadh Air places order for 50 Airbus A350-1000 aircraft

Riyadh Air, Saudi Arabia’s new national carrier and a Public Investment Fund (PIF) subsidiary, signed, today, June 16, an order for 50 Airbus A350-1000 aircraft. In a statement issued during the 55th edition of the Paris Air Show, the airline said the agreement includes a firm order for 25...

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Business & Money | Monday 16 June, 2025 8:33 am

Almarai signs SAR 1.04B acquisition deal for Ival, Oska owner

Almarai Co. signed an agreement to acquire 100% of the shares of Pure Beverages Industry Co., the owner of Ival and Oska, in a deal valued at SAR 1.04 billion. In a statement to Tadawul, Almarai said Pure Beverages is a leading producer of premium bottled drinking water in Saudi Arabia and the ...

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Business & Money | Monday 16 June, 2025 8:30 am

Tasheel sets up fintech payroll processing firm in Saudi Arabia

United International Holding Co. (Tasheel) finalized the establishment of a new company, named Now Access, with SAR 10 million capital and a total investment of SAR 75 million. The new entity is specialized in providing payroll administration and processing services through fintech in the...

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Business & Money | Monday 16 June, 2025 8:28 am

ProMedEx inks MoU to establish JV in Saudi Arabia

Professional Medical Expertise Co. (ProMedEx) signed a non-binding memorandum of understanding (MoU) with Zhende Medical Co. Ltd and MedSurg FZ-LLC, according to a Tadawul statement. The move aims to establish a joint venture (JV) in Saudi Arabia to manufacture medical supplies and better...

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Business & Money | Monday 16 June, 2025 8:26 am

UAE’s GDP reached AED1,776 billion in 2024 with 4% growth

The UAE’s real gross domestic product (GDP) reached AED1,776 billion in 2024, marking a 4 percent increase compared to that of 2023. Non-oil GDP grew by 5 percent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion to the overall economy. Abdulla bin...

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Business & Money | Monday 16 June, 2025 8:24 am

UAE leads globally in metrology as pillar of innovation, economic competitiveness

The UAE continues to advance its efforts to build a knowledge-based economy rooted in innovation and advanced technology, with metrology, the science of measurement, emerging as a key enabler of the country's future vision. It plays a vital role in enhancing quality of life, boosting industrial...

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Business & Money | Monday 16 June, 2025 8:21 am

Saudi Arabia’s NEOM Energy and Water Company wins global recognition for breakthrough in brine valorisation and water recovery

Saudi Arabia’s NEOM Energy and Water Company (ENOWA) has been named first runner-up in the Innovative Research and Development Award (International Institutions category) during the fourth cycle of the Mohammed bin Rashid Al Maktoum Global Water Award. The company was recognised for pioneering...

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